DBC: Invesco DB Commodity Index Tracking Fund returns, drawdowns and risk
Funds that invest in commodity futures: oil, natural gas, agriculture, copper or a broad basket.
Data updated October 2026
DBC · US exchange · USDCategory: Oil, gas and commodity ETFsData from October 2006
From October 2006 to October 2026 DBC returned 2.8% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $17,534.
Its deepest fall was 76.4%, from July 2008 to April 2020, and it has not yet returned to the previous high. Annual volatility was 19.3%; at the last close it was 13.3% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.44: they moved together only in part. Beta was 0.54. In months when SPY rose, DBC moved 52% as much on average; in months when SPY fell, 62% as much.
Key figures
- Annual return (CAGR)
- +2.8%
- 1-year return
- +56.6%
- 5 years, a year
- +12.3%
- 10 years, a year
- +10.0%
- Annual volatility
- 19.3%
- Maximum drawdown
- −76.4%
- Sharpe ratio
- 0.16
- Worst year
- 2008: −31.8%
Trailing returns
| Period | DBC | SPY |
|---|---|---|
| 1 year | +56.6% | +16.6% |
| 3 years, a year | +15.0% | +23.1% |
| 5 years, a year | +12.3% | +12.7% |
| 10 years, a year | +10.0% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: DBC vs SPY
Month-end values from November 2006, the first month both funds have data.
DBC drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | DBC | SPY |
|---|---|---|
| 2026(partial) | +49.8% | +13.3% |
| 2025 | +8.1% | +17.7% |
| 2024 | +2.2% | +24.9% |
| 2023 | −6.2% | +26.2% |
| 2022 | +19.3% | −18.2% |
| 2021 | +41.4% | +28.7% |
| 2020 | −7.8% | +18.3% |
| 2019 | +11.8% | +31.2% |
| 2018 | −11.6% | −4.6% |
| 2017 | +4.9% | +21.7% |
| 2016 | +18.6% | +12.0% |
| 2015 | −27.6% | +1.2% |
| 2014 | −28.1% | +13.5% |
| 2013 | −7.6% | +32.3% |
| 2012 | +3.5% | +16.0% |
| 2011 | −2.6% | +1.9% |
| 2010 | +11.9% | +15.1% |
| 2009 | +16.2% | +26.4% |
| 2008 | −31.8% | −36.8% |
| 2007 | +31.6% | +5.1% |
| 2006(partial) | +4.5% | — |
DBC compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of DBC?
From October 2006 to October 2026 DBC returned 2.8% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +12.3% a year. Over the last 12 months: +56.6%.
What was the worst drawdown of DBC?
76.4%, from July 2008 to April 2020; it has not yet returned to the previous high.
How volatile is DBC?
Annual volatility was 19.3% over the period. Its worst month was −21.4% and 53% of months were positive. Worst calendar year: 2008 (−31.8%).
How closely does DBC follow SPY?
Over 240 months the correlation of monthly returns was 0.44, so they moved together only in part, with a beta of 0.54.
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Other Oil, gas and commodity ETFs
- All Oil, gas and commodity ETFsReturns and risk side by side
- USO — United States Oil FundCAGR +32.1%
- PDBC — Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFCAGR +2.3%
- UNG — United States Natural Gas FundCAGR −20.7%
- DBA — Invesco DB Agriculture FundCAGR +1.5%
- CPER — United States Copper Index FundCAGR +3.1%
- GSG — iShares S&P GSCI Commodity-Indexed TrustCAGR −0.5%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.